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Con Edison Media Relations
Contact: Chris Olert
Telephone: (212) 460-4111

For Immediate Release: March 19, 2001

Con Edison Revises 2000 Earnings Per Share

Consolidated Edison, Inc. [NYSE: ED] announced today (MONDAY, MARCH 19, 2001) that year 2000 net income for common stock has been restated to $582.8 million or $2.75 a share to reflect $32.1 million of Northeast Utilities merger-related expenses. In January 2001 the company announced earnings for 2000 of $601.6 million or $2.84 a share, after reflecting a non-recurring charge of approximately $130 million or $.40 a share relating to the company's nuclear plant, which returned to service in January following installation of new steam generators. Excluding the nuclear and merger-related charges, earnings for 2000 from ongoing operations were $686.1 million or $3.24 a share, compared with earnings of $700.6 million or $3.14 a share for 1999.

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with more than $9 billion in annual revenues and $16 billion in assets. The company provides a wide range of energy-related products and services to its customers through its six subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas and steam service to New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York State, as well as adjacent sections of northern New Jersey and northeastern Pennsylvania; Con Edison Solutions, a retail energy services company; Con Edison Energy, a wholesale energy supply company; Con Edison Development, an infrastructure development company; and Con Edison Communications, a telecommunications infrastructure company.

For additional financial, operations and customer service information, visit the Consolidated Edison, Inc. web site at www.conedison.com.

Consolidated Income Statement   Consolidated Edison, Inc.		

		

Year Ended December 31 (Thousands of Dollars)                2000           1999 
Operating revenues        

Electric                                               $6,938,128     $5,792,673 

Gas                                                     1,261,970      1,000,083 

Steam                                                     452,135        340,026 

Non-utility                                               779,158        358,541 

Total operating revenues                                9,431,391      7,491,323 

    

Operating expenses                        

Purchased power                                         3,642,850      1,824,023 

Fuel                                                      350,816        430,050 

Gas purchased for resale                                  790,905        485,155 

Other operations                                        1,146,598      1,188,623 

Maintenance                                               458,046        437,979 

Depreciation and amortization                             586,407        526,182 

Taxes, other than income taxes                          1,121,843      1,179,796 

Income taxes                                              317,790        399,716 

Total operating expenses                                8,415,255      6,471,524 

Operating income                                        1,016,136      1,019,799 
Other income (deductions)        

Investment income                                           8,476         14,842 

Allowance for equity funds used during construction         1,299          3,810 

Other income less miscellaneous deductions                (32,660)       (13,571)

Income taxes                                               10,622         26,891 

Total other income                                        (12,263)        31,972 

Income before interest charges                          1,003,873      1,051,771 

Interest on long-term debt                                363,994        319,393 

Other interest                                             49,527         20,065 

Allowance for borrowed funds used during construction      (6,076)        (1,895)

Net interest charges                                      407,445        337,563 

Preferred stock dividend requirements                      13,593         13,593 
Net income for common stock                              $582,835       $700,615 

Basic earnings per common share                             $2.75          $3.14 

Diluted earnings per common share                           $2.74          $3.13 

Average number of shares outstanding (000)                212,186        223,442 




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